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Bike Bazaar raises Rs 170 cr in equity funding

Bike Bazaar raises Rs 170 cr in equity funding

Funding News

Bike Bazaar raises Rs 170 cr in equity funding

Startup two-wheeler lifecycle and finance services platform Bike Bazaar on Thursday said it has raised Rs 170 crore of equity funding as part of its ongoing Series D fund raising programme.

The fresh investment was from a consortium led by Women’s World Banking Asset Management (WAM), which joined existing equity investors Elevar Equity and Faering Capital, the company said in a statement. The Series D funds are intended to be used to penetrate deeper into rural India and also scale up the marketplace business for sale and purchase of used two-wheeler, it added.

Also read: HDFC Bank to hire 3,000 staff in Maharashtra in FY23

The company said it is in advanced discussions with other investors to raise a further Rs 80 crore to take the total Series D equity round to Rs 250 crore. It is also in talks with global electric vehicle focussed funds to raise up to Rs 250 crore for its electric two-wheeler financing, leasing and services business. Bike Bazaar offers financing for new and pre-owned two-wheeler and a marketplace for trading pre-owned two-wheeler, besides leasing, insurance and servicing. It has raised debt financing of over Rs 250 crore from various banks and financial institutions in the last six months, the company added.

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